Despite a small improvement in the foreclosure rate, overall mortgage delinquency jumped as the hurricanes took a toll. Serious mortgage delinquency rose more than in any month since the financial crisis.
Out of the estimated 51.075 million
loans secured by single-family loans that were outstanding as of Nov. 30 of this year, 2.661 million were considered non-current.
The non-current total was comprised of 2.324 million
mortgages that were at least 30-days delinquent but not in foreclosure and another 0.337 million units in the foreclosure inventory.
Those
metrics were derived from data reported Thursday by Black Knight Inc.
The non-current rate came to 5.21 percent, worsening from 5.12 as of the end of October. But there was an improvement from November 2016, when the rate was 5.44 percent.
At 10.88 percent, Mississippi had the most-severe non-current rate as of last month. Florida followed at 10.12 percent, then Louisiana’s 9.36 percent, Alabama’s 7.47 percent and West Virginia’s 7.19 percent.
In Colorado, the 2.15 percent non-current rate was the lowest in the nation.
Based on Black Knight’s data, Mortgage Daily estimates that the 90-day rate, including foreclosures, finished last month at 1.96 percent, surging 12 basis points from a month earlier but well below 2.32 percent as of Nov. 30, 2016.
Reflected in the
latest non-current U.S. rate was a 4.55 percent 30-day rate excluding foreclosures. That was an 11-basis-point increase from October and 9 BPS worse than November of last year.
The 90-day rate, including foreclosures, was an estimated 1.96 percent, climbing 12 BPS from the last report. Black Knight said that the 13 percent spike in the 90-day inventory to 666,000 was the biggest monthly increase since 2008.
“Over 85 percent — approximately 66,000 — of the month’s 77,000 new severely delinquent loans can be attributed to hurricanes Harvey and Katrina,” the report said.
The foreclosure inventory rate dipped to 0.66 percent from 0.68 percent the prior month and has plunged from 0.98 percent a year prior.
Last month saw 47,800 foreclosures started, bringing the year-to-date total to 604,900.
